Capital Flight from Africa: Causes, Effects, and Policy Issues

Hardcover | December 6, 2014

EditorS. Ibi Ajayi, Leonce Ndikumana

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This edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in thecontext of the development policy discourse at national and international level. This part takes stock of the existing evidence on the nature, causes, and consequences of capital flight. It provides the most recent data on the magnitude of capital flight from 39 African countries, and a detailedanalysis of the impact of capital flight on economic development in general and on poverty reduction in particular. The second part examines economic factors and impacts of capital flight. It presents analysis of capital flight in a flow of funds context, the impact of capital flight onmacroeconomic outcomes with a focus on growth, and the linkages between capital flight and monetary policy, financial liberalization, and the global financial system. The third part explores the domestic and international institutional environment and its relevance for capital flight and stolenasset recovery. It discusses the role of governance, tax evasion, and secrecy jurisdictions in driving capital flight. The last part of the book offers suggestions for strategies to address the problem of capital flight from African countries.

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This edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in thecontext of the development policy discourse at na...

S. Ibi Ajayi holds a PhD degree in Economics from Queen's University in Kingston, Ontario, Canada. He is a Professor of Economics and a Distinguished Service Fellow of the Department of Economics, University of Ibadan. Professor Ajayi has consulted for a wide range of international organizations including the World Bank, the Internati...

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Format:HardcoverDimensions:464 pages, 9.21 × 6.14 × 1.18 inPublished:December 6, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198718551

ISBN - 13:9780198718550

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Table of Contents

Part I: Why Care About Capital Flight?1. Ibi Ajayi and Leonce Ndikumana: Introduction: Scale, Causes and Effects of Capital Flight from Africa2. Leonce Ndikumana, James Boyce, and Ameth Saloum Ndiaye: Capital Flight from Africa: Measurement and Drivers3. Ibi Ajayi: Capital Flight and Economic Development in Africa4. Janvier Nkurunziza: Capital Flight and Poverty Reduction in AfricaPart II: Economic Dimensions5. Victor Murinde, Chris Ochieng, and Qingwei Meng: Capital Flight and Flow of Funds6. Hippolyte Fofack and Leonce Ndikumana: Capital Flight and Monetary Policy in Africa7. Robert Lensink and Niels Hermes: Financial Liberalization and Capital Flight: Evidence from the African Continent8. Isabella Massa: Capital Flight and the Financial System9. John Weeks: Macroeconomic Impact of Capital Flight in Sub-Saharan AfricaPart III: Institutional Dimensions10. Rabah Arezki, Gregoire Rota-Graciozi, and Lemma W. Senbet: Natural Resources and Capital Flight: A Role for Policy?11. Melvin Ayogu and Folarin Gbadebo-Smith: Governance and Illicit Financial Flows12. Abbi Kedir: Tax Evasion and Capital Flight in Africa13. Frank Barry: Capital Flight, Tax Havens and Secrecy Jurisdictions14. Melvin Ayogu and Julius Agbor: Illicit Financial Flows and Stolen Assets Value Recovery15. Humphrey P. B. Moshi: Capital Flight and Institutional Frameworks to Promote TransparencyPart IV: Conclusion16. James Boyce and Leonce Ndikumana: Strategies for Addressing Capital Flight